Volatile Chop — Ripping Faces — Monero! (XMR)

Hi friends! Let's take a look at Monero! Looking at the four hour chart, we can see that XMR continues to fall from the area where I issued my first "warning post." Since then, XMR has had a 25% decline. That is incredibly valuable analysis. We can see that a bear flag was formed, which has broken to the downside, but price hasn't produced a sustained drop from the flag. Instead, we can see that it has fallen into a trading range, as it continues to test the bottom of the 38.2% retrace, and the top of the dashed red support level . The 50 EMA (in orange) is falling toward the price action, and it may continue to act as resistance. As you can see, XMR has also formed a symmetrical triangle (in green.) The bottom side of the triangle has been violated, which decreases it's supportiveness. Currently, it appears that XMR will produce a breakdown from the triangle, and head down to retest the red dashed trendline . If that level falls, the 50% retrace will be the next level of support, followed by the bottom of the pink channel. Overhead resistance is far more substantial. We have the 38.2% retrace, which is converging with the 50 EMA , making it stronger as a resistance level , we have the 200 EMA (in purple,) the then the top of the symmetrical triangle. The path of least resistance, remains to the downside.

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

I like how you pull a lot of elements (price action, S/R levels, indicator action, patterns) to form a cohesive view of where we are now and also the likelihood of where we could be headed. You make it sound so simple!